The Indiqube Spaces IPO is making noise. On just the second day of bidding, it got fully subscribed. Retail investors, in particular, are all in—subscribing to their portion over four times already.
But here’s the real question: should you jump in too?
Retail Investors Are Driving This Rally
By 11 am on July 24, the IPO had bids for more than 1.95 crore shares against an offer size of 1.71 crore. This shows strong demand, especially from small investors. Non-institutional buyers have also fully subscribed. However, Qualified Institutional Buyers (QIBs) have only taken up 6% of their quota so far.
That tells us one thing—retail enthusiasm is high, but the big players are still waiting.
GMP Slips from 17% to 6–7%
The Indiqube Spaces IPO GMP (grey market premium) is currently around 6–7%. Earlier, it was as high as 17%. That’s a clear drop. While this doesn’t mean the IPO is bad, it does show that the hype has cooled a bit.
As per Investorgain and IPO Watch, the unlisted shares are now trading around ₹237–₹251, slightly above the IPO price band of ₹225–₹237.
Also Read Tata Capital Plans $2.2 Billion IPO, May File Updated DRHP This Week
What Does the Company Do?
Indiqube Spaces is a Bengaluru-based workspace solutions company. It doesn’t own buildings—it leases them, upgrades them, and rents them out as flexible office spaces.
It’s backed by WestBridge Capital and aims to raise ₹700 crore through this IPO. The money will help fund new centers, repay debt, and handle general expenses.
Should You Apply for Indiqube Spaces IPO?
Let’s look at the numbers.
According to Bajaj Broking, the IPO values Indiqube at 4x FY25 sales—same as its listed peer Awfis. While the company is not profitable yet at PAT (net profit) level, its cash generation is solid:
- FY25: ₹3,461 million
- FY24: ₹505 million
- FY23: ₹1,003 million
If you’re looking for short-term gains, the low GMP might be a concern. But if you believe in the flexible office space story and are okay with some risk, this IPO could be worth a shot.
Anchor Investors Are In
Before the IPO opened, Indiqube raised ₹314.3 crore from 29 major investors. Names include Axis Max Life, BNP Paribas, Aditya Birla Sun Life, Invesco, Motilal Oswal, and more. This shows strong long-term faith in the company.
This is not a guaranteed money-maker like some earlier IPOs. The Indiqube Spaces IPO has strong backing and strong retail demand. But it’s also showing signs of cooling momentum. If you’re a long-term player and believe in co-working and flexible office space in India, go for it. If you’re just hunting for quick listing gains, maybe wait and watch.
Disclaimer:
This article is for informational purposes only and is not financial advice. Please consult a certified advisor before making investment decisions.
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